Nice summary! In Australia our RTGS is called RITS (Reserve Bank Information and Transfer System) and settlement is generally instant[1]. It's relatively new (

Nice summary! In Australia our RTGS is called RITS (Reserve Bank Information and Transfer System) and settlement is generally instant[1]. It's relatively new (2018) but it is pretty amazing. Even before this our system wasn't too slow - I can barely remember but I think transactions were mostly always settled in a single business day. When I lived in the US (2013-2015) I was really surprised by how painful and slow it was to do a lot of basic banking stuff. 1. https://www.rba.gov.au/publications/bulletin/2018/sep/the-new-payments-platform-and-fast-settlement-service.html https://www.rba.gov.au/publications/bulletin/2018/sep/the-ne...